Austria: Publication of Financial Sector Assessment Program Documentation-Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
IMF Staff Country Reports, March 2, 2020
Source details
- Canonical URL
- Austria: Publication of Financial Sector Assessment Program Documentation-Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)
Other formats
Bibliographic details
- Published: March 2, 2020
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513535838.002
Overview and purpose
- Technical Note sets out the findings and recommendations made in the context of the 2019 Financial Sector Assessment Program for Austria in the areas of Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT).
- Provides a targeted review of Austria’s progress in addressing Money Laundering/Terrorism Financing vulnerabilities.
- Publication date: March 2, 2020.
- Pages: 40. Volume: 2020. Issue: 065. Series: Country Report No. 2020/065. DOI: https://doi.org/10.5089/9781513535838.002. Stock No: 1AUTEA2020005. ISBN: 9781513535838. ISSN: 1934-7685.
Key findings
- Amendments to the Financial Markets Anti-Money Laundering Act, the Beneficial Owners Register Act, and other sectoral laws have led to significant enhancements of the legal and regulatory framework.
- These legislative enhancements resulted in a number of upgrades on technical compliance ratings by the Financial Action Task Force in the context of the two follow-up reports.
- Authorities took steps to transpose the Fourth and the Fifth Anti-Money Laundering Directives into national legislation.
- Steps have been taken to improve the legal and regulatory framework that applies to lawyers, notaries and tax advisors, and other Designated Non-Financial Businesses and Professions, but implementation could be further enhanced.
- Authorities have recently adopted a comprehensive set of reforms to enhance entity transparency, including through the establishment of a Register of Beneficial Ownership.
Areas of emphasis and vulnerabilities
- Money Laundering/Terrorism Financing vulnerabilities were the focus of the targeted review.
- Implementation gaps remain for certain Designated Non-Financial Businesses and Professions.
- Entity transparency and beneficial ownership were highlighted as priority reform areas.
Policy recommendations and reforms
- Continue implementing and enforcing amendments to the Financial Markets Anti-Money Laundering Act and related sectoral laws.
- Strengthen practical implementation and supervision for lawyers, notaries, tax advisors, and other Designated Non-Financial Businesses and Professions.
- Maintain and operationalize the Register of Beneficial Ownership to improve entity transparency.
- Sustain alignment with the Fourth and the Fifth Anti-Money Laundering Directives and address residual technical compliance issues identified by the Financial Action Task Force.
Subjects and keywords (as listed)
- Subjects: Anti-money laundering and combating the financing of terrorism (AML/CFT), Banking, Commercial banks, Crime, Financial institutions, Financial Sector Assessment Program, Financial sector policy and analysis, Legal support in revenue administration, Revenue administration, Technology, Virtual currencies.
- Keywords: AMLC, Anti-money laundering and combating the financing of terrorism (AML/CFT), authority, CFT framework, CFT obligation, CFT regime, CFT supervision, Commercial banks, company, country, CR, customer, Eastern Europe, Europe, Financial Sector Assessment Program, ISCR, Legal support in revenue administration, risk profile, Southern Europe, TF risk, TF scandal, Virtual currencies.
International Monetary Fund. Monetary and Capital Markets Department "Austria: Publication of Financial Sector Assessment Program Documentation-Technical Note on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT)", IMF Staff Country Reports 2020, 065 (2020).
Content in this bundle
- 1autea2020005 - Executive Summary